Jun
21

Charlotte’s One Wells Fargo Center Under Contract

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Israel-based Azrieli Group has agreed to buy One Wells Fargo Center, a 42-story office building located at 301 S. College St. in Charlotte, for $245 million. The office tower is the former headquarters for Wachovia Corp.

The company is working to secure $160 million in financing for the acquisition. The company expects to obtain a loan for 10 to 12 years with a fixed rate of 4.5 percent.

The 985,315-square-foot building is 97.7 percent occupied. Wells Fargo & Co. occupies 686,834 square feet, which is approximately 70 percent of the building. Its lease expires in December 2021. The remaining space is leased to various tenants with varying lease agreements. The total average annual net operating income for all the contracts for all lease periods is $18.5 million, representing a return of 7.5 percent. First-year net operating income for the property is expected to be $16.3 million.

According to the Charlotte Business Journal, the building was owned by an affiliate of Childress Klein Properties and was listed for sale with CBRE Group Inc. last year.

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